Indices hit fresh intraday high; PSU banks in demand

1 Nov 2022 , 10:27 AM

The key equity indices surged ahead and hit fresh intraday high in morning trade. The Nifty traded above the 18,150 level. PSU banks advanced for second day in a row. At 10:26 IST, the barometer index, the S&P BSE Sensex, was up 463.99 points or 0.76% to 61,210.58. The Nifty 50 index gained 143.15 points or 0.79% to 18,155.35. In the broader market, the S&P BSE Mid-Cap index rose 0.65% while the S&P BSE Small-Cap index gained 0.26%. The market breadth was strong. On the BSE, 1,971 shares rose and 1,176 shares fell. A total of 141 shares were unchanged. The US Fed, which begins its two-day meeting Tuesday, is reportedly expected to deliver a fourth straight 75-basis-point rate hike on Wednesday in its attempt to tame inflation. Investors will also focus on the communication of the outlook. On the numbers front in the US, the release of JOLTS job openings, construction spending and ISM manufacturing PMI data will remain on investors radar. Buzzing Index: The Nifty PSU Bank index added 1.36% to 3,508.05. The index has gained 2.01% in two sessions. Bank of Baroda (up 2.37%), Canara Bank (up 1.88%), Bank of India (up 1.83%), Punjab National Bank (up 1.76%) and Bank of Maharashtra (up 1.72%) were the top gainers. Among the other gainers were State Bank of India (up 1.67%), Union Bank of India (up 1.48%), Indian Overseas Bank (up 1.35%), Central Bank of India (up 0.98%) and Punjab & Sind Bank (up 0.91%). Stocks in Spotlight: Axis Bank slipped 2.74%. On the BSE, 419.33 lakh shares were traded in the counter so far compared with average daily volumes of 4.02 lakh shares in the past two weeks. As per media reports, US-based private investment firm Bain Capital was to sell stake in Axis Bank via block deals today, 1 November 2022. The PE firm is looking to sell 1.24% stake for shares worth $410 million or Rs 3,350 crore in the private lender. Castrol India fell 2.25%. The lubricants maker reported a net profit of Rs 187 crore in Q3 2022 as against a net profit of Rs 186 crore in Q3 2021. For the third quarter (Q3) from July to September 2022, the company registered revenue from operations of Rs 1,121 crore, achieving a growth of 4% compared to Rs 1,073 crore in Q3 2021. RMC Switchgears hit am upper circuit limit of 5%. The electrical equipment company has received a letter of award (LoA) of Rs 230.2 crore from the Maharashtra State Electricity Distribution Company under its EPC division. Powered by Capital Market – Live News